INSURANCE ACT 1973 - SECT 49DA Giving false or misleading information to auditor

INSURANCE ACT 1973 - SECT 49DA

Offence--person knows the information is false or misleading etc.

  (1)   A person commits an offence if:

  (a)   the person is an employee or officer of a general insurer or authorised NOHC; and

  (b)   the person gives information, or allows information to be given, to an auditor of the general insurer or authorised NOHC; and

  (c)   the information relates to the affairs of the general insurer or authorised NOHC; and

  (d)   the person knows that the information:

  (i)   is false or misleading in a material particular; or

  (ii)   is missing something that makes the information misleading in a material respect.

Penalty:   Imprisonment for 5 years or 200 penalty units, or both.

Offence--person fails to ensure the information is not false or misleading etc.

  (2)   A person commits an offence if:

  (a)   the person is an employee or officer of a general insurer or authorised NOHC; and

  (b)   the person gives information, or allows information to be given, to an auditor of the general insurer or authorised NOHC; and

  (c)   the information relates to the affairs of the general insurer or authorised NOHC; and

  (d)   the information:

  (i)   is false or misleading in a material particular; or

  (ii)   is missing something that makes the information misleading in a material respect; and

  (e)   the person did not take reasonable steps to ensure that the information:

  (i)   was not false or misleading in a material particular; or

  (ii)   was not missing something that makes the information misleading in a material respect.

Penalty:   Imprisonment for 2 years or 100 penalty units, or both.

Determining whether information is false or misleading

  (3)   If information is given to the auditor in response to a question asked by the auditor, the information and the question must be considered together in determining whether the information is false or misleading.